0.99% Markup on International Spends with AU Bank Credit Cards for a Limited Time

Individuals who regularly travel abroad for leisure or business purposes must be wary of the high forex markup charges and currency conversion fees they need to pay on international spends with their credit cards. Recently, the Government also announced that 20% TCS will be charged on foreign currency spends made with credit cards when travelling abroad.

There are some super-premium credit cards that charge a low forex markup fee of 1 to 2% but most credit cards in India charge a standard forex markup fee of 3.5%. If you regularly make foreign currency spends, then you will likely have to pay a lot of extra fees and charges in the long run.

AU Bank has come out with an offer where all cardholders will be charged a low 0.99% forex markup fee on international spends made between 1^st June 2023 to 30^th June 2023. Keep reading to know about the offer in detail, its eligibility, and its terms and conditions.

0.99% Forex Markup Fees – Offer Details

The offer period extends from 1^st June 2023 to 30^th June 2023 during which all AU Bank retail credit cardholders will be a charged a low forex markup fee of 0.99% on international spends made with their credit card.

There is no minimum transaction restriction for the offer, but the cardholder must comply with the FEMA Act of 1999 and make transactions within $250,000 LRS limit. An individual must have a valid AU Bank retail credit card, and use it for foreign currency spends, in order to claim the offer.

0.99% Forex Markup Fee – Who is Eligible for the Offer

The following eligibility requirements are associated with the 0.99% forex markup fee offer–

• The customer must have a valid AU Bank retail credit card as the offer is not applicable to AU Bank corporate credit cardholders.
• All foreign currency transactions made during the offer period of 1^st June 2023 to 30^th June 2023 will be eligible for the offer.
• The eligibility of a cardholder for this offer is solely determined by AU Small Finance Bank.
• All international transactions made by add-on cardholders are also considered towards the offer.

Offer Terms and Conditions

These are the general terms and conditions related to the offer –

• When determining the total international transactions or spends for the offer, disputed transactions, reversed transactions, cancelled transactions, etc. will not be considered.
• The offer cannot be combined with any other offer, and is in addition to the credit cards’ features and benefits.
• Any void or incomplete transaction will not be considered towards the offer.
• If a cardholder ceases to be a cardholder during the offer period, then the offer will not be available to him anymore.

Conclusion

The AU Bank offer of 0.99% forex markup fee on international spends made with credit cards is really beneficial to tourists and businessmen who frequently travel abroad. All foreign currency spends made between 1^st June 2023 to 30^th June 2023 will be charged 0.99% markup fees and cardholders can save a significant amount of money during this offer period.

The Government also announced a 20% TCS on international credit card spends and this offer will go a long way in providing some relief for customers and help save their hard-earned money. Also, most credit cards charge a 3.5% forex markup fee and the 0.99% fee during the offer period is exceptionally low.

Let us know whether you plan on using your AU Bank credit card for international spends during this period, and leverage the 0.99% markup fee for maximum benefit.